Sudeep Pharma IPO: The initial public offering (IPO) of pharmaceutical company Sudeep Pharma will open for public subscription on Friday, November 21, and will conclude on Tuesday, November 25. The ₹ 895 crore book build issue is a fresh issue of 16 lakh shares to raise ₹ 95 crore and an offer for sale (OFS) of nearly 1.35 crore shares for ₹ 800 crore.
Sudeep Pharma IPO price band has been fixed in the range of ₹563 to ₹593 per equity share. Share allotment is expected to be finalised on Wednesday, November 26, following which successful bidders will receive the shares on Thursday, November 27. Shares of the company will debut on the BSE and the NSE on Friday, November 28.
The company intends to use the net proceeds from the issue for capital expenditure towards the procurement of machinery for its production line located at Nandesari Facility I.
Sudeep Pharma IPO: 10 key things to know from RHP
Let’s take a look at 10 key things to know from the Red Herring Prospectus (RHP) of the Sudeep Pharma IPO:
1. Promoter selling shareholder
Sujit Jaysukh Bhayani is offloading up to 35,67,670 shares, Sujeet Jaysukh Bhayani HUF is selling up to 84,18,856 shares, Shanil Sujit Bhayani is selling up to 7,50,000 shares, and Avani Sujit Bhayani is selling up to 7,54,200 shares in the OFS.
2. Sudeep Pharma’s promoters and promoter groups
There are six promoters of the company: Sujit Jaysukh Bhayani, Shanil Sujit Bhayani, Avani Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Private Limited, and Bhayani Family Trust.
The promoters collectively hold 9,95,03,523 shares of face value of ₹1 each, equivalent to 89.37 per cent of the issued, subscribed and paid-up equity share capital of the company.
3. Sudeep Pharma’s management
The company’s board comprises seven directors, of which three are whole-time directors and four are independent directors.
Sujit Jaysukh Bhayani, 58, is the managing director and chairman of the company.
4. Sudeep Pharma’s business
The company is a manufacturer of excipients and speciality ingredients for the pharmaceutical, food and nutrition industries. As per the RHP, the company has a presence in both domestic and international markets, including key regions such as the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific.
5. Sudeep Pharma’s financial performance
For FY23, the company’s profit stood at ₹62.32 crore, which rose to ₹133.19 crore in FY24 and to ₹138.69 crore in FY25. For the first three months in FY26, the company’s profit was ₹30.81 crore.
The company’s revenue from operations in FY23 was ₹428.74 crore, while in FY24 and in FY25 it was ₹459.28 crore and ₹502 crore, respectively. For the three-month period ended 30 June 2025, its revenue was ₹124.92 crore.
6. Sudeep Pharma’s peers
As per the RHP, there are no peer group companies listed in India which are in the same line of business as the company.
7. Concentration of customers a key risk
The company generates a significant portion of revenues from a limited number of customers, and the loss of such customers or a decline in demand from such customers could adversely affect the business.
8. Regulatory risks
As per the RHP, the company’s manufacturing facilities are subject to periodic inspections and audits by regulatory authorities and customers. Any manufacturing or quality control problems may subject it to regulatory action, damage its reputation and have an adverse effect on its business.
9. Highly competitive business
The pharmaceutical industry is highly competitive. If the company fails to respond adequately to the competition, it will lose market share and its profits will decline, which will adversely affect the business, financial condition and results of operations.
10. Market overview
The food ingredients market is expected to grow at a CAGR of 6.5% between 2024 to 2029, with demand reaching 580 billion USD in 2029.
The speciality food ingredients market is expected to grow at a CAGR of 6.8% between 2024 and 2029, with demand reaching 118 billion USD in 2029.
The nutritional ingredients market is expected to grow at a CAGR of 6.8% between 2024 to 2029, with demand reaching 138 billion USD in 2029.
The vitamins and minerals market may grow at a CAGR of 7% between 2024 and 2029, with market value reaching 41 billion USD by 2029.
The global speciality nutritional ingredients market is expected to grow at a CAGR of 7.2% between 2024 and 2029, with demand reaching 19.3 billion USD in 2029.